The Market Ticker
Commentary on The Capital Markets- Category [Federal Reserve]

Here it is:

The labor market continued to improve, with solid job gains and declining unemployment. On balance, a range of labor market indicators suggests that underutilization of labor resources has diminished since early this year.

This is the key sentence; The Fed fears wage-push inflation as that is very difficult to control.

Note that the minimum-wage laws being passed around the nation tend to push upward on this as well, but the 900lb Gorilla in the room is that The Fed believes that underutilization (that is, labor market slack) has diminished materially.

Of course data can change but IMHO this puts a rate hike solidly on the table for September.

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